Microgrid monitoring systems are crucial for smart city plans and renewable energy integration, driving global demand.
Several parts of the world are witnessing a paradigm shift from traditional power grids to smart grids. This trend is at the heart of growth within the global microgrid monitoring systems market. The ability of microgrids to autonomously operate through the load cycles has brought them under the radar of attention. Their stupendous utility and cost-efficiency in clean energy production has given a thrust to their popularity. Subsequently, the demand for microgrid monitoring systems has increased by leaps and bounds in recent years. Development of improved local energy management systems has directly favored the growth of the global microgrid monitoring systems market in recent years.
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Microgrids can balance energy deficits by utilizing both renewable power sources such as solar and non-controllable generation sources such as combustion turbines. This is possible only with proper management and monitoring of microgrids, thus, creating humongous demand for microgrid monitoring systems. The green energy industry is benefitting from microgrids, and the former is expected to invest in developing functional and more agile microgrids. These investments shall trickle down to the global microgrid monitoring systems market.
Ambitious Smart Energy Development Plans to Blow Life into Global Microgrids Industry
Several countries are aggressively pursuing their goals of renewable energy production and consumption. A substantial share of revenues in the global microgrids monitoring systems market is expected to flow in from the renewable energy sector. Furthermore, the unprecedented value served by smart power grids has brought microgrid management under the radar of focus. Several countries, especially the Scandinavian nations of Denmark, Sweden, and Norway, have developed dedicated zero-emission plans. The success of these plans largely depends on optimal utilization of smart grid infrastructure. Over the course of the next decade, smart grids are projected to attract greater popularity across energy-savvy regions.
Asia Pacific to Witness Accelerated Market Growth in the Times to Follow
In 2019, North America was found to be at the cynosure of advancements in microgrid networks. This is attributed to the aggressive plans of state authorities to integrate renewable energy technologies into the functional energy framework across Canada and US. Besides, these countries have also shown tremendous respite from using fossil-induced systems that increase the global carbon footprint. In recent years, countries in Asia Pacific are tracing the footprints of the path leading to greener energy production. This factor is projected to give an impetus to the growth of the global microgrid monitoring systems market in the times to follow. The Middle East also exhibits bright prospects for growth and advancement within the microgrid monitoring systems market. The UAE and Saudi Arabia have invested several giga-projects that will be powered by renewable energy technologies. Besides, the quest of these countries to move towards being non-oil-based economies shall also unravel new opportunities for smart city projects.
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The aforementioned regional dynamics are culminating into creating resilient opportunities for the vendors operating in the global microgrid monitoring systems market. Some of these vendors are Tesla, Inc., ABB Ltd., Eaton Corporation, Caterpillar Inc., Siemens AG, Exelon Corporation, Power Analytics Corporation, and Hitachi Ltd.
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The article discusses the rising demand for microgrid monitoring systems due to smart city initiatives and renewable energy integration.
Microgrids are important for balancing energy deficits and integrating renewable energy sources, essential for smart city development.
Scandinavian countries and Asia Pacific are leading in microgrid adoption, with significant investments in renewable energy.
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